The purpose of Marine Insurance Policy is to indemnify the insured in respect of loss or damage to the subject matter insured mainly resulting from storm, shipwreck, stranding, collision, jettison, fire explosion, and in general other perils of the sea and those arising out of inland transit risks as well as sending by air, subject to the terms, conditions and exclusions of the relevant policies and/or Institute Clauses.
The main type of polices that are written under Marine Insurance are:
- Cargo and
- Pleasure Crafts/Vessels
The objective of this cover is to indemnify the insured’s interest against the risks of “theft and/or fire and/or damage directly caused by overturning or collision or derailment of the carrying conveyance or collapse of bridges and embankments.”